One edge that Bleach does have over Naruto is that its characters get a change of wardrobe every now and then. In Naruto, we see the same costume each and every day. It's as if the characters have closets-full of the same clothes.
But overall, I'd say that Naruto wins over Bleach because Naruto is much more emotionally engaging. The Naruto episodes can evoke so much emotion in you that you'll cry with the characters, laugh with them, and even go so much as to really love or really hate some of the characters. Bleach sort of had something similar in the beginning but the storyline started to deteriorate and you start to lose touch with connecting to the characters. With Naruto even with Naruto Shippuden you're still able to 'feel', connect and understand the positions for the characters, and for me, that's what makes a good anime. Not to mention that the storyline just gets better through each episode!
